Union Bank of India returns with $600 million GIFT City bond
Union Bank of India just made a comeback in the international debt scene after more than a decade away. It issued a $600 million US dollar bond, which was listed on NSE-IFSC in GIFT City, Gandhinagar.
Announced on September 9, the bond was snapped up fast, oversubscribed around 7.8 times, so international investors were clearly interested.
Listing pushes NSE-IFSC past $56B
The bank says issuing this bond is all about mixing up where it gets its funding and making it easier to tap global capital. It also shows GIFT City's growing status as a financial hotspot.
V Balasubramaniam, MD and CEO, NSE International Exchange, pointed out that this listing pushes total bond listings at NSE-IFSC past $56 billion.
Union Bank's Managing Director and CEO Asheesh Pandey highlighted the strong investor response as proof of the bank's solid reputation and said Union Bank plans to expand its activity at GIFT City in the coming quarters, following other Indian banks looking overseas to raise foreign-currency funds and diversify their funding base.